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Saturday, 3 March 2012

The List #11 Pay off my mortgage

We got a mortgage in 2007 for £219,500 on our 3 bed house in Chigwell, Essex. We paid £1,026 a month on it and bought it from Mr P's sister. That meant we didn't have to pay estate agent's fees and we also got a bit of family discount :-) We are now hoping that the house is worth about £230,000. Last year we started looking to remortgage because paying £1,026 plus all the bills doesn't leave that much at the end of the month - even saving £10 a month would help!
We had £181,000 and 25 years to pay it off. That would make me 50 and my husband 55 years old. It would be nice to pay it off by the time i'm 35 and Mr P 40. Let's see how that goes!

After looking around at a few places this is what we went for.
We re-mortgaged the house on a 35 years so that would make Mr P 60 and me 55 by the time we pay it off. We're on a 2 year tracker and pay £758 a month and after that two years we will put it back down to 25 years to pay it off quicker, so that we're not so old when we pay the house off.
Well, that's number 11 on my list. I'll kept you updated.

3 comments:

Just wanted to say hello from a new follower *waves*. I found your blog through the Get Connected Tuesday blog hop!If you've got a spare minute or two have a quick look at my blog (I'm a newbie!) xx PS I'll be 50 when my mortgage is paid off :-(

May I ask the status of your mortgage at the moment? I think your goal is very achievable. Of course, you just have to be prepared of the changes that come with paying off your mortgage early. I think that won’t be too much of a problem, since it’s evident that you are determined to scratch your mortgage off your list. Good luck!

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About Me

I am 28 years old, married to a lovely husband and have a six year old daughter. a Housewife trying to work out what road to take next in life. while trying to look after my daughter.
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